GULFOILLUB
Gulf Oil Lubricants India share price & financials
- Price
- ₹1,012.8
- Market cap
- ₹5.9k Cr
- Sector
- Oil, Gas & Consumable Fuels
- Calls analysed
- 8
Gulf Oil Lubricants India Limited Q1 FY27
What went well
- Revenue crossed ₹1,300 crores, reaching ₹1,320 crores, up 33% YoY.
- Lubes volume grew 17% YoY to 48,000 KL, significantly outpacing industry growth by over 3x.
- EBITDA was ₹170 crores, up 35% YoY, marking an all-time high for the company.
What to watch
- The West Asia crisis and Hormuz Strait disruptions led to supply security challenges and volatile input costs, with crude touching $120/barrel.
- The AdBlue product, while contributing to volume, is a low-realization product with mid-single-digit margins.
What Gulf Oil Lubricants India Limited does
Gulf Oil Lubricants India manufactures and markets automotive and industrial lubricants (engine oils, greases, coolants, brake fluids) under the Gulf Pride, Gulf Formula and Gulf Syntrac brands, sold through a pan-India distributor, retail and OEM-workshop network as well as direct B2B accounts in industrial, infrastructure, mining and fleet segments. It also makes AdBlue (diesel exhaust fluid) and, through subsidiary Gulf Oil Corporate Resources/Tirex Transmission, EV fluids and AC/DC EV charging hardware, and sells two-wheeler replacement batteries under the Gulf Pride brand. It is part of Gulf Oil International (Hinduja Group), which licenses the Gulf brand globally.
Segments
- Lubricants
- e-Mobility / EV Fluids
- Manufacturing plants
- 2 (Silvassa, Gujarat and Chennai, Tamil Nadu) plus 12 external AdBlue satellite plants
- Installed lubricants capacity
- 140,000 KL per annum (Silvassa 90,000 KL + Chennai 50,000 KL, on 2-shift basis)
- AdBlue manufacturing capacity
- ~75,000 KL per annum in-house (36,000 KL Silvassa + 39,000 KL Chennai), ~279,000 KL combined with satellite plants
- Retail/B2C touchpoints
- Over 100,000 touchpoints including urban, rural and car/bike stops
- Bike and car stops
- ~13,500 (Gulf Bike Stops ~9,450 and Car Stops ~4,050) across 522 cities in India
- Export footprint
- 25+ countries
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 3 delivered 3 missed 9 open- Overall Volume Growth vs Market delivered said Q2 FY25 Promised: 2-3x market growth Q1 FY27: Achieved 17% volume growth, over 3x the industry growth of 3-4%. Management reiterated the 2-3x target.
- Dividend Payout Ratio on track said Q2 FY25 Promised: 55-60% Q1 FY27: No dividend announced. This is an annual target, typically assessed at year-end.
- EBITDA Margin on track said Q2 FY25 Promised: 12-14% Q1 FY27: Achieved 12.9%, within the guided range. Management reiterated the band is intact for the coming quarters.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 32.5%, net profit up 32.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 849 | 905 | 915 | 996 | 957 +13% | 998 +10% | 1,040 +14% | 1,320 +33% |
| EBITDA | 107 | 122 | 124 | 127 | 118 +10% | 130 +7% | 135 +9% | 170 +34% |
| Net profit | 84 | 98 | 92 | 97 | 87 +4% | 77 −21% | 90 −2% | 128 +32% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −17.9% 1Y
1Y: ₹1,291.8 on 10 Sept 2025 → ₹1,060.7. High ₹1,313.1 (11 Sept 2025), low ₹870.2 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +4.1%
- 4 Aug
- Q4 FY26
- +4.6%
- 28 May
- Q3 FY26
- −2.9%
- 13 Feb
- Q2 FY26
- −1.7%
- 6 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 10.0% a year over 3 years, FY23 to FY26. Operating margin widened to 12.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹3.0k Cr | ₹3.3k Cr | ₹3.6k Cr | ₹4.0k Cr |
| Operating profit | ₹343 Cr | ₹419 Cr | ₹469 Cr | ₹510 Cr |
| Operating margin | 11.4% | 12.8% | 13.2% | 12.8% |
| Interest | ₹37 Cr | ₹25 Cr | ₹35 Cr | ₹55 Cr |
| Depreciation | ₹40 Cr | ₹47 Cr | ₹47 Cr | ₹59 Cr |
| Net profit | ₹232 Cr | ₹308 Cr | ₹362 Cr | ₹351 Cr |
| Net margin | 7.7% | 9.4% | 10.2% | 8.8% |
| Cash from operations | ₹273 Cr | ₹348 Cr | ₹423 Cr | ₹363 Cr |
| Free cash flow | ₹250 Cr | ₹327 Cr | ₹389 Cr | ₹323 Cr |
| ROCE | 23.0% | 27.0% | 28.0% | 27.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr |
| Reserves | ₹859 Cr | ₹1.0k Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.6k Cr | ₹1.6k Cr |
| Borrowings | ₹211 Cr | ₹390 Cr | ₹373 Cr | ₹358 Cr | ₹482 Cr | ₹511 Cr |
| Other liabilities | ₹365 Cr | ₹399 Cr | ₹520 Cr | ₹652 Cr | ₹658 Cr | ₹832 Cr |
| Total liabilities | ₹1.4k Cr | ₹1.8k Cr | ₹2.1k Cr | ₹2.3k Cr | ₹2.8k Cr | ₹2.9k Cr |
| Fixed assets | ₹254 Cr | ₹273 Cr | ₹277 Cr | ₹250 Cr | ₹279 Cr | ₹286 Cr |
| Capital work in progress | ₹4 Cr | ₹3 Cr | ₹3 Cr | ₹9 Cr | ₹5 Cr | ₹16 Cr |
| Investments | ₹20 Cr | ₹36 Cr | ₹88 Cr | ₹193 Cr | ₹191 Cr | ₹192 Cr |
| Other assets | ₹1.2k Cr | ₹1.5k Cr | ₹1.7k Cr | ₹1.9k Cr | ₹2.3k Cr | ₹2.4k Cr |
| Total assets | ₹1.4k Cr | ₹1.8k Cr | ₹2.1k Cr | ₹2.3k Cr | ₹2.8k Cr | ₹2.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +0.86 pp while FIIs trimmed −0.70 pp. The shareholder count shrank 22% to 72,647.
- Promoters
- 66.8%
- FIIs
- 7.8%
- DIIs
- 8.7%
- Government
- 0.3%
- Public
- 16.3%
Since Jun 2025
- DIIs +0.86 pp
- FIIs −0.70 pp
- Promoters −0.29 pp
How it drifted, 12 quarters
Over this window promoters fell from 71.9% to 66.8% — −5.1 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 71.9%, FIIs 4.4%, DIIs 5.8%, Government 0.3%, Public 17.6%.Dec '23: Promoters 71.9%, FIIs 5.0%, DIIs 4.0%, Government 0.3%, Public 18.8%.Mar '24: Promoters 71.8%, FIIs 7.1%, DIIs 5.0%, Government 0.3%, Public 15.8%.Jun '24: Promoters 71.8%, FIIs 5.7%, DIIs 5.9%, Government 0.3%, Public 16.4%.Sep '24: Promoters 67.2%, FIIs 7.1%, DIIs 9.6%, Government 0.3%, Public 15.8%.Dec '24: Promoters 67.1%, FIIs 7.3%, DIIs 9.6%, Government 0.3%, Public 15.7%.Mar '25: Promoters 67.1%, FIIs 7.5%, DIIs 9.5%, Government 0.3%, Public 15.5%.Jun '25: Promoters 67.1%, FIIs 8.5%, DIIs 7.8%, Government 0.3%, Public 16.2%.Sep '25: Promoters 67.1%, FIIs 9.5%, DIIs 7.5%, Government 0.3%, Public 15.6%.Dec '25: Promoters 67.1%, FIIs 9.2%, DIIs 8.1%, Government 0.3%, Public 15.3%.Mar '26: Promoters 67.0%, FIIs 8.9%, DIIs 8.2%, Government 0.3%, Public 15.6%.Jun '26: Promoters 66.8%, FIIs 7.8%, DIIs 8.7%, Government 0.3%, Public 16.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Smallcap Fund Mutual fund newly disclosed 3.18% held
- Bajaj Life Insurance Limited Insurer newly disclosed 1.03% held
- UTI-Mnc Fund Mutual fund +0.14 pp 1.19% held
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Gulf Oil Lubricants India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Gulf Oil International (Mauritius) Inc. | 66.85% | −0.16 pp |
| ICICI Prudential Smallcap Fund Mutual fund | 3.18% | newly disclosed |
| HDFC Mutual Fund - HDFC Multi Cap Fund Mutual fund | 1.69% | unchanged |
| UTI-Mnc Fund Mutual fund | 1.19% | +0.14 pp |
| Bajaj Life Insurance Limited Insurer | 1.03% | newly disclosed |
| ICICI Prudential Energy Opportunities Fund Mutual fund | — | off the list |
| Marval Guru Fund FPI fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in GULFOILLUB
Filings to Jul 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹52 Cr
- 1 schemes
- Biggest holder
- HDFC Multi Cap Fund
- ₹52 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹52 Cr | held | Feb '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Jul 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +67%
- vs est. average cost
- Held by funds
- ₹52 Cr
- 1 schemes · ≈ 0.84% of the company
Shares held by these funds −22%
Aug '23 4.90 L shares Jul '26
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse Gulf Oil Lubricants India Limited
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